Laserfiche WebLink
<br />(a) United States Government Obligations that are not subject to redemption m <br />advance of their maturity dates; or <br /> <br />(b) obligations of any state or political subdivision of any state, the interest on which <br />is excluded from gross income for federal income tax purposes and which meet the following <br />conditions: <br /> <br />(1) the obligations are (i) not subject to redemption prior to maturity or (ii) <br />the trustee for such obligations has been given irrevocable instructions concerning their <br />calling and redemption and the issuer of such obligations has covenanted not to redeem <br />such obligations other than as set forth in such instructions; <br /> <br />(2) the obligations are secured by cash or United States Government <br />Obligations that may be applied only to principal of, premium, if any, and interest <br />payments on such obligations; <br /> <br />(3) such cash and the principal of and interest on such United States <br />Government Obligations serving as security for the obligations (plus any cash in an <br />escrow fund) are sufficient to meet the liabilities of the obligations; <br /> <br />(4) such cash and United States Government Obligations serving as security <br />for the obligations are held in an escrow fund by an escrow agent or a trustee irrevocably <br />in trust; <br /> <br />(5) such cash and United States Government Obligations serving as security <br />for the obligations are not available to satisfy any other claims, including those against <br />the trustee or escrow agent; and <br /> <br />(6) the obligations are rated in the highest rating category by Moody's <br />Investors Service, Inc. (presently tlAaatl) or Standard & Poor's (presently tlAAA"). <br /> <br />"Interest Payment Date" means the Stated Maturity of an installment of interest on any Bond. <br /> <br />"Maturity" means, when used with respect to any Bond, the date on which the principal of such <br />Bond becomes due and payable as therein and herein provided, whether at the Stated Maturity thereof or <br />call for redemption or otherwise. <br /> <br />"Ordinance" means this Ordinance adopted by the governing body of the City, authorizing the <br />issuance of the Bonds, as amended from time to time. <br /> <br />"Outstanding" means, when used with reference to Bonds, as of any particular date of <br />determination, all Bonds theretofore authenticated and delivered hereunder, except the following Bonds: <br /> <br />(a) Bonds theretofore cancelled by the Paying Agent or delivered to the Paying <br />Agent for cancellation; <br /> <br />(b) <br />hereof; and <br /> <br />Bonds deemed to be paid in accordance with the proVISIOns of Section 701 <br /> <br />(c) Bonds in exchange for or in lieu of which other Bonds have been authenticated <br />and delivered hereunder. <br /> <br />-3- <br />